The Journal of the Korea Contents Association (한국콘텐츠학회논문지)

The Korea Contents Association (한국콘텐츠학회)
권호 표지
DOI QR코드

DOI QR Code

Effect of Cash flow on the R&D investment of Pharmaceutical Companies - focused on KOSDAQ market

제약회사의 현금흐름이 연구개발투자에 미치는 영향 -코스닥시장을 중심으로

  • 이문재 (고려대학교 보건정책관리학부/보건과학연구소) ;
  • 최만규 (고려대학교 보건정책관리학부.대학원 보건과학과/BK21PLUS 인간생명-사회환경 상호작용 융합사업단)
  • Received : 2015.06.25
  • Accepted : 2015.07.08
  • Published : 2015.08.28
Download PDF
⟨ Previous Next ⟩

Abstract

The purpose of this study is to analyze the influence of the cash flow of pharmaceutical companies on R&D investment. 143 pharmaceutical companies listed in the KOSDAQ market from 2009 to 2013. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price was extracted from KISVALUE-III of NICE Information Service Co., Ltd. STATA 12.0 was used as the statistical package for panel analysis. The summary of the findings and the interpretation of the significance of this are as follows: First, the current ratio (internal finance) had a positive influence on R&D investment. Second, the debt ratio (external finance) had a negative influence on R&D investment. The pharmaceutical company prefers internal funds to external funds due to the asymmetry of information in the loan markets. In other words, this shows why internal finances have a significant influence on R&D investment at pharmaceutical companies.

본 연구는 우리나라 코스닥 제약회사를 대상으로 내 외부금융이 연구개발투자(R&D)에 미치는 영향을 분석하였다. 실증분석을 위한 표본은 2009년부터 2013년까지 상장된 기업들 중 코스닥 제약회사를 대상으로 하였으며 사용된 전체 표본은 5개년 자료로써 212개 관측치를 가진 불균형패널자료이다. 본 연구에 사용된 주요 변수들 중 개별기업 별 재무자료는 상장회사 협의회의 TS-2000, 금융감독원 전자공시 시스템의 각 기업 사업보고서, NICE신용평가정보의 KISVALUE-III 등의 자료를 통해 직접 수집하였으며, 패널분석을 위해 STATA 12.0을 사용하였다. 연구결과, 첫째 내부금융(유동비율)은 연구개발투자에 긍정적인 영향을 미쳤다. 둘째, 외부금융(부채비율)은 연구개발투자에 부정적인 영향을 미쳤다. 본 연구는 자본시장에서 정보의 비대칭으로 인해 외부금융보다 내부금융이 더 선호됨을 알 수 있다. 즉, 제약기업의 연구개발투자 활성화를 위해 내부금융의 관리 및 정부의 정책적 지원이 필요함을 보여준다.

Keywords

References

  1. K. Arrow, "Economic welfare and the allocation of resources for invention, The rate and direction of inventive activity," Economic and social factors, pp.609-626, 1962.
  2. M. I. Kamien and N. L. Schwartz, "Self-Financing of an R and D Project," The American Economic Review, Vol.68, No.3, pp.252-261, 1978
  3. J. E. Stiglitz and A. Weiss, "Credit rationing in markets with imperfect information," The American economic review, Vol.71, No.3, pp.393-410, 1981
  4. S. C. Myers and N. S. Majluf, "Corporate financing and investment decisions when firms have information that investors do not have," Journal of financial economics, Vol.13, No.2, pp.187-22, 1984 https://doi.org/10.1016/0304-405X(84)90023-0
  5. S. Fazzari, R. G. Hubbard, and B. C. Petersen, "Financing constraints and corporate investment," National Bureau of Economic Research Cambridge, Mass., USA; 1988.
  6. D. R. Shin, "A Study on the Impact of Information Asymmetry on the Financial Structure of Korean Manufacturing Firms," Asian Review of Financial Research, Vol.5, pp.77-102, 1992.
  7. S. Y. Cho, S. W. Shin, and W. H. Lee, "The Impact of Financial Leverage on Firm Investment: Listed Manufacturing firm's Data for System-GMM Panel Analysis," Public Finance Forum, Vol.10, No.2, pp.41-74, 2004.
  8. M. Lee and M. Choi, "Analysis of Structural Relationships among Financial ratios of Regional Public Hospitals," Korean Journal of Business Administration, Vol.26, No.6, pp.1517-1530, 2013
  9. C. W. Hill and S. A. Snell, "External control, corporate strategy, and firm performance in research‐intensive industries," Strategic Management Journal, Vol.9, No.6, pp.577-590, 1988. https://doi.org/10.1002/smj.4250090605
  10. B. Baysinger and R. E. Hoskisson, "The composition of boards of directors and strategic control: Effects on corporate strategy," Academy of Management Review, Vol.15, No.1, pp.72-87, 1990. https://doi.org/10.5465/AMR.1990.4308231
  11. R. Kochhar and P. David, "Institutional investors and firm innovation: A test of competing hypotheses," Strategic Management Journal, Vol.17, No.1, pp.73-84, 1996. https://doi.org/10.1002/(SICI)1097-0266(199601)17:1<73::AID-SMJ795>3.0.CO;2-N
  12. P. David, M. A. Hitt, and J. Gimeno, "The influence of activism by institutional investors on R&D," Academy of Management Journal, Vol.44, No.1, pp.144-157, 2001. https://doi.org/10.2307/3069342
  13. R. E. Hoskisson, M. A. Hitt, R, A. Johnson, and W. Grossman, "Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies," Academy of Management Journal, Vol.25, No.4, pp.697-716, 2002.
  14. J. H. Choi, "The Effect of Advertising and Research and Development Expenditures on the Firm Value: An Empitical Analysis by Tobin's Q," Korean Accounting Review, Vol.19, No.1, pp.103-124, 1994.
  15. M. Lee, "Impact of corporate governance on research & development investment in the pharmaceutical industry in South Korea," Osong Public Health And Research Perspectives, doi: 10.1016/j.phrp.2015.07.003, 2015
  16. H. G. Grabowski and J. Vernon, "The distribution of sales revenues from pharmaceutical innovation," Pharmacoeconomics, Vol.19, No.1, pp.21-32, 2000.
  17. JA. Vernon, "Examining the link between price regulation and pharmaceutical R&D investment," Health economics, Vol.14, No.1, pp.1-16, 2005. https://doi.org/10.1002/hec.897
  18. C. P. Himmelberg and B. C. Petersen, "R & D and internal finance: A panel study of small firms in high-tech industries," The Review of Economics and Statistics, pp.38-51, 1994.
  19. S. Bhagat and I. Welch, "Corporate research & development investments international comparisons," Journal of Accounting and Economics, Vol.19, No.2, pp.443-470, 1995. https://doi.org/10.1016/0165-4101(94)00391-H
  20. M. Lee and M. Choi, "The relationship between R&D investment and ownership structure in KOSDAQ pharmaceutical firms," Journal of the Korea Contents Association, Vol.15, No.6, pp.:445-54, 2015 https://doi.org/10.5392/JKCA.2015.15.06.445
  21. B. H. Hall, "Investment and research and development at the firm level: does the source of financing matter?," National Bureau of Economic Research, 1992.
  22. M. Lee and M, Choi, "Analysis on time lag effect of R&D investment in the pharmaceutical industry in Korea," Osong Public Health And Research Perspectives, doi: 10.1016/j.phrp.2015.07.001, 2015